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28-Aug2017

Lumax Auto Technologies rises on inking joint venture agreement with FAE

Lumax Auto Technologies is currently trading at Rs. 528.60, up by 9.00 points or 1.73% from its previous closing of Rs. 519.60 on the BSE.

The scrip opened at Rs. 530.00 and has touched a high and low of Rs. 530.00 and Rs. 525.70 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 584.00 on 13-Jul-2017 and a 52 week low of Rs. 375.60 on 16-Nov-2016.

Last one week high and low of the scrip stood at Rs. 530.00 and Rs. 480.00 respectively. The current market cap of the company is Rs. 720.56 crore.

The promoters holding in the company stood at 55.64%, while Institutions and Non-Institutions held 20.38% and 23.98% respectively.

Lumax Auto Technologies has signed a joint venture agreement with Francisco Albero S.A.U., (FAE) Spain to manufacture and supply Oxygen Sensors to the Indian automotive industry. Lumax Auto Technologies will own the 51% of the joint venture company, Lumax FAE Technologies, with FAE owning the remaining 49%.

The JV company will make an initial investment of Rs 14 crore for an installed capacity of 2 million Oxygen Sensors, and the production is expected to commence from early 2019. With this move, Lumax FAE Technologies will be a key supplier for technologically advanced, innovative & affordable Oxygen Sensors (O2) for the India market, with further scope for expanding the product line.

Further, the new entity, Lumax FAE Technologies, will invest both in development and localization of manufacturing capability to become the pioneer supplier of this product in India.



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